I.B.I.S World Reports The Worst Of The Global Financial Crisis Is Behind Us.
Home » News » 2015 » June » I.B.I.S World Reports The Worst Of The Global Financial Crisis Is Behind Us.
June 16th, 2015Australia bypassed the worst of the global financial crisis with regard to net job losses and income levels. Therefore, the effect of the crisis in subsequent years on the industry was mild compared with similar industries in other countries. In Australia, unemployment rose in 2009-10 but quickly reversed in the following year, with demand for employment placement services rebounding strongly. Employment demand remained strong in 2011-12, while the unemployment rate started to increase at a faster rate in 2012-13 and 2013-14. The unemployment rate is expected to increase again in 2014-15, negatively affecting industry demand despite outsourcing growth.
Energy and resources companies can expect the pain to subside in the coming financial year, according to IBISWorld's latest analysis of the industry, with oil & gas players in the best shape. Revenue growth is expected to return to energy extractors, running at almost 13% for the year as new production such as Chevron's Gorgon comes on stream.
The trick is for the Australian economy going forward is to leverage of a weaker Australian dollar, develop & reinvest in services to Austral/Asian market via innovative technology services to industry, science & agriculture allowing Australia to move past its dependence on mining.